JOINDRE CAPITAL SERVICES LTD. SEBI REGN NO. INH000002061 / INZ000174034

DAILY REPORT 28th May 2019

RBI to hold state bonds, term repo auctions; Sun Pharmaceutical, , , NMDC, , SpiceJet, among companies reporting earnings.

WHAT TO WATCH:

 India Shadow Lenders Face a Margin Squeeze From RBI Guidelines  Jet Airways Creditors Set Two-Week Deadline: Mint  Modi Election Sweep Could Help Rupee Buck Its May Curse: Chart  Day After Modi Was Re-Elected, Foreign Funds Buy Indian Bonds  Arcelor, Resurgent Said to Mull Joint Bid for Essar Power Plant  Bharat Heavy Debt Risk Rises 5 Levels in Bloomberg Model  Modi, Resist the Urge to Be India’s Xi Jinping: Andy Mukherjee  India’s NTPC Studying Buying 700 MW Coal-Power Project: Official  India’s April Crude Oil Output Declines 6.9% Y/y; Gas Dips 0.3%  India Regulator Tightens Disclosure Rules for Listed Corp Bonds  Anil Ambani to Sell Big FM Radio Unit for at Least $151 Million  Billionaires Differ Over ‘One Issue’ at Top Asian Budget Airline o IndiGo CEO Dutta doesn’t elaborate on what the issue is  IndiGo Sees Capacity Rising 30% After Profit Jumps Fivefold  Gail Investing 550B Rupees in Pipelines, Petrochem, City Gas  India Sugar Prices Seen Stable as State Support Seen Continuing  Sell the Rally in India Stocks as Headwinds Persist: BofAML  India Corp Bond Issuances Seen at INR7 Trillion in FY20: Care  COO Sees No Impact From U.S. Ban on Huawei As of Now  Global Funds Buy Net 4.61b of India Equity Derivatives Monday o Global Funds Buy Net INR12.2b India Stocks Monday: NSE o Foreign Investors Buy Net INR3.92B Indian Equities May 24

MEDIA REPORTS:

 Ficci demands stimulus package to pump-prime slowing economy: PTI  India Ratings Expects India GDP Growth At 6.9% In FY19, Lower Than CSO Estimate: PTI  RBI May Ease Voting Rules on Debt Workouts: Business Standard

GOVERNMENT:

 3pm: New . I&B Secretary Amit Khare to address at the session with John Bailey, president of Academy of Motion Pictures Arts and Sciences.

CENTRAL BANKS (All times India Time):

 Indian states to Sell 55b rupees of bonds on May 28  RBI to conduct 245b rupees of 14-day term-repo auction

JOINDRE CAPITAL SERVICES LTD. SEBI REGN NO. INH000002061 / INZ000174034

EARNINGS: (net income adj. ests. in INR where available)

(ADANIT) 4Q  Aegis Logistics (AGIS) 4Q 581m (3)  Aster DM Healthcare (ASTERDM) 4Q  Aurobindo Pharma (ARBP) 4Q 6.62b (19)  Galaxy Surfactants (GALSURF) 4Q  Gujarat Alkalies (GALK) 4Q  Himadri Speciality Chemical (HSCH) 4Q 786m (3)  Himatsingka Seide (HSS) 4Q 530m (3)  (HCP) 4Q  India (INFOE) 4Q 815m (9)  IRB Infrastructure (IRB) 4Q 2.49b (11)  (IRCON) 4Q  ITI (ITI) 4Q  Lakshmi Vilas Bank (LVB) 4Q  Manpasand Beverages (MANB) 4Q  Max Financial Services (MAXF) 4Q  Minda Corp (MDA) 4Q 391m (3)  Navkar Corp (NACO) 4Q 165m (3)  NMDC (NMDC) 4Q 11.3b (11)  Pfizer India (PFIZ) 4Q 1.35b (4)  Punjab National Bank (PNB) 4Q 99.6m (17)  Shipping Corporation (SCI) 4Q  SpiceJet (SJET) 4Q 1.34b (9)  Sun Pharmaceutical (SUNP) 4Q 9.76b (22)  Tamil Nadu Newsprint (TNNP) 4Q  TeamLease Services (TEAM) 4Q 277m (10)  Zydus Wellness (ZYWL) 4Q 701m (3)

BONDS SALE:

 PRICED: NLC India INR14.75b 10Y Bonds at 8.09%  Renewable Energy Sells INR5b 10y FRN

CONFERENCES/CORPORATE EVENTS:

 11:30am: . SonyLIV to announce launch of Tamil content with Uday Sodhi, Business Head Digital, SPN  12pm: New Delhi. Kamlesh Rao, MD & CEO of Kotak Securities to discuss with media on ’Market Outlook Post Lok Sabha 2019 Election Results’

ANALYST ACTIONS:

 Indian Oil Upgraded to Buy at Nomura; PT 200 Rupees  HPCL Upgraded to Buy at Nomura; PT 380 Rupees  BPCL Upgraded to Buy at Nomura; PT 520 Rupees  Zee Downgraded to Neutral at Credit Suisse; PT 390 Rupees

JOINDRE CAPITAL SERVICES LTD. SEBI REGN NO. INH000002061 / INZ000174034

MARKETS (As of 7:30am Local Time):

 S&P 500 up 0.14% to 2,826.06  STOXX Europe 600 up 0.1% to 376.37  MSCI Asia Pacific Index up 0.1% to 153.39  Gold spot down 0.2% to $1,282.93  Brent Futures down 0.1% to $70.07/bbl  Sensex up 0.63% to 39,683.29  Nifty Index up 0.68% to 11,924.75  SGX Nifty futures up 0.1% to 11,935  INR little changed at 69.5038  Yield on 7.26% bonds maturing Jan 2029 at 7.17% on May 27  INR Bonds Gain on Foreign Demand, Rate Cut Wagers: Inside India

EQUITY PREVIEW:

 Abbott India (BOOT): 4Q net income 1.13b rupees, revenue 9.06b  Adani Ports (ADSEZ): 4Q net income 12.8b rupees, misses est. 13b  (HMN): 4Q net income 561.5m rupees, misses est. 1.09b  Hindustan Aeronautics (HNAL): Says staff, 6 contractors misappropriated fund; CBI investigating the matter  Hotel Leela (LELA): 4Q loss 298.2m rupees, revenue 430.6m  InterGlobe Aviation (INDIGO): 4Q profit 5.9b rupees, beats est. 3.79b o IndiGo Founders Debating on ‘One Issue’ Right Now, CEO Says  Music Broadcast (RADIOCIT): 4Q profit 183.5m rupees, est. 168.6m; Sign pact with Reliance Broadcast to acquire 24% in RBNL for INR2.02b  (NTCPH): 4Q net income 1.2b rupees, misses est. 1.69b  NMDC (NMDC): Iron Ore price hike is the steepest in seven months  (OINL): Reports unexpected 4Q loss 2.09b rupees, est. profit 6.99b; 4Q revenue 30.9b rupees  Reliance Capital (RCAPT): Says Music Broadcast to buy RBNL stake at INR10.5b EV  Zee Entertainment (Z): 4Q net income 2.92b rupees, misses est. 3.37b